Effect of Institutional Investor Participation on Price Lead Earnings and Earnings Quality: International Evidence

被引：2

作者：

de Lima, Gerlando Augusto Sampaio Franco ^{[1
]}

Gois, Alan Diogenes ^{[2
]}

Mendes De Luca, Marcia Martins ^{[3
]}

de Sousa, Edmilson Patrocinio ^{[4
]}

机构：

[1] Univ Illinois, Champaign, IL 61820 USA

[2] Univ Sao Paulo, Sao Paulo, Brazil

[3] Univ Fed Ceara, Fortaleza, Ceara, Brazil

[4] Univ Estado Bahia, Salvador, BA, Brazil

来源：

JOURNAL OF INTERNATIONAL ACCOUNTING RESEARCH | 2018年 / 17卷 / 01期

关键词：

market efficiency; institutional investors; price lead earnings; earnings quality;

D O I：

10.2308/jiar-51988

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this study we evaluated the effects of institutional investor participation on two aspects of capital market efficiency, namely price lead earnings and earnings quality, measured according to the theoretical framework proposed by Jiambalvo, Rajgopal, and Venkatachalam (2002) and Dechow and Dichev (2002) and modified by Jones, Krishnan, and Melendrez (2008). The sample consists of nonfinancial organizations listed on stock markets in France, Germany, Italy, The Netherlands, Spain, Switzerland, the U.K., and the U.S. between 2004 and 2013. The results indicate that the effect of institutional investor participation on price lead earnings and earnings quality is market specific. In civil law and low anti-director rights index countries, institutional investors have an information advantage over individual investors, and institutional investor participation is associated with higher earnings quality.

引用

页码：103 / 119

页数：17

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